Family Bank received formal approval from shareholders Wednesday to offer up to 800 million new shares through a rights issue.
This will increase the Bank’s issued authorized Ordinary shares from the current 1,500,000,000 Ordinary Shares to 2,300,000,000 Ordinary Shares.
Through this increase in Ordinary shares, the Bank targets to raise up to Ksh.10 billion in the medium term.
“Through this capital raise, we are positioning the Bank for the next phase of growth which will position the bank as a choice bank for our existing and potential clients through customer-first service delivery not only in Kenya but also in the region,” said Rebecca Mbithi, Family Bank Chief Executive.
The capital raise will be achieved through a mix of a rights issue and from new shareholders via a private placement.
The funds raised will go towards strengthening the bank’s capital base, for local and regional growth plans, driving investments in IT infrastructure and new product initiatives and supporting onward lending activities.
